As a newby, is my plan going to work?

[Grady Gilman]

I am brand new to real estate, as well to BiggerPockets, and have been learning as much as I can just in the past few weeks. However, I have already found an opportunity I feel I can not pass up, even with as little knowledge and experience I have, and am looking for any and all advice and thoughts on my first move into real estate.

A life long best friend of mine has been offered by a family member for $20,000 to own outright a 3.5 acre lot with a run down mobile home on it. The place is overgrown and currently not liveable but is on a town road and has water/electric/sewer. My friend wants to include me in on this so we can both achieve financial freedom together.

The plan currently is to take out a personal loan together for the $20,000, put in $5,000-10,000 worth of work into the property to make it livable as soon as possible, move into the property ourselves so we don't have to pay rent anymore, and then refinance as soon as possible. Based off previous property taxes payed by the family member, we estimate the property to be worth roughly 100k once livable. Then, with a large amount of equity in the property, we look to get into the BRRR strategy.

What are some things I should consider, look more into? 

Thanks in advance!